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Association for Long Term Care PlanningWed, 14 Feb 2018 08:01:31 +0000en-UShourly1https://wordpress.org/?v=4.8.51164111825 Ways to Make Valentine’s Day Memorable to Elderly Parents Living Alonehttp://www.altcp.org/valentines-day-elderly-parents-living-alone/
http://www.altcp.org/valentines-day-elderly-parents-living-alone/#respondWed, 14 Feb 2018 08:01:31 +0000http://www.altcp.org/?p=1756Visiting elderly parents living alone during special occasions and holidays is a perfect way to cheer them up, and to prevent isolation and loneliness. This Valentine’s Day, celebrate love with your aging parents who are living independently by visiting them and spending time with them. Tips for a Memorable Visit to Elderly Parents Living... read more

]]>Visiting elderly parents living alone during special occasions and holidays is a perfect way to cheer them up, and to prevent isolation and loneliness. This Valentine’s Day, celebrate love with your aging parents who are living independently by visiting them and spending time with them.

Tips for a Memorable Visit to Elderly Parents Living Alone

1. Keep your visit real

Don’t feel forced or obligated to plan something big when visiting your elderly parents. Sometimes it’s best to have one or two people visiting at a time than to have a dozen of people visiting all at once.

Quality is more important than quantity. Make the most of your time with your aging parents this Valentine’s Day by slowing down, being patient, listening to their stories, hugging, laughing and doing things that would make them feel extra special.

Also, keep in mind that your parents might get tired easily because of their age so consider limiting the time you will visit them.

2. Accompany elderly parents to visit friends or relatives

Seeing a familiar face again after so many years will definitely make someone’s day. Your elderly parents may not be able to visit close friends or relatives as often as they want. If that’s the case, then arrange a visit. You can meet outside to have lunch or dinner, invite them to your parent’s home or you can visit them instead.

This is a great opportunity for your parents to socialize, catch up and exercise good communication. Since isolation and loneliness are rampant among seniors today, it’s best to help them maintain an active social life.

3. Surprise your aging parents with gifts

Sometimes it’s hard to maintain a conversation and make it interesting for your parents. You can take off some pressure you might feel by starting a conversation with them by bringing them small gifts or memorabilia they would appreciate such as old photographs, old toys, food and hand lotion.

One example would be a memory journal where your aging parents can write about their childhood for their grandkids. Aside from sharing their stories, this is also a good memory exercise since the journal features questions that can help elderly parents remember important moments in their lives.

Don’t worry if your aging parents are becoming forgetful because this is one of the age-related changes that happen to old people. To give you peace of mind, here are the differences between Alzheimer’s disease and normal aging.

4. Try a new restaurant

Instead of going to your usual go-to restaurant, try something new. Search for restaurants in your local area and sort the result based on reviews to make sure that you’ll find the best restaurant that you and your parents will enjoy this Valentine’s Day. Make sure to make a reservation for a lot of people are also in a celebratory mood this love month.

5. Bring a furry companion

Did you know that petting a dog or a cat is highly therapeutic? Stroking a cat’s ear or stroking a dog’s belly has a calming effect that is beneficial to senior. So next time you visit your parents who are living independently, make sure to bring a furry friend with you.

In fact, according to a recent study, seniors who own a pet decline in health far less rapidly than those who don’t have pets.

Here are other emotional and psychological benefits of pet therapy for aging parents:

Seniors with heart conditions who own pets tend to outlive those who don’t.

Caring for a pet helps increase a senior’s self-confidence and self-esteem, providing them a way to feel useful and responsible for something.

For dementia patients, animals can be soothing to those who have difficulty using language.

Feeding and grooming can help increase seniors’ physical skills and help them become more active.

Animals can help improve socialization- they listen without judgment and give unbiased affection, especially when a senior may desire to share the thoughts they may not be comfortable telling family or friends.

Spending Valentine’s Day with your elderly parents gives you a chance to bond with them and also to check on them whether they can continue living independently or they need to move to a long term care facility. It’s not your usual celebration, but it’s definitely something memorable and something your parents would appreciate.

]]>http://www.altcp.org/valentines-day-elderly-parents-living-alone/feed/01756National Senior Independence Month: 15 Insider Tips for Independent Senior Livinghttp://www.altcp.org/national-senior-independence-month/
http://www.altcp.org/national-senior-independence-month/#respondThu, 08 Feb 2018 10:43:31 +0000http://www.altcp.org/?p=1716In light of the National Senior Independence Month, we asked 15 experts, “What can families do to make sure that their aging loved ones can continue living independently and safely?” We found three common themes: the importance of planning for future care needs early, considering moving them to an independent living community and home modification.... read more

]]>In light of the National Senior Independence Month, we asked 15 experts, “What can families do to make sure that their aging loved ones can continue living independently and safely?” We found three common themes: the importance of planning for future care needs early, considering moving them to an independent living community and home modification.

Helpful Insider Tips for National Senior Independence Month

The most important thing is to discuss the issues early and plan early. You need a plan when you are healthy to avoid disaster when you are not. Start with the legal and financial instruments you need to protect yourself. If you desire to age in place then look at the safety of the home environment especially as it related to slip and fall hazards as well as fire and overall safety issues. It goes without saying that you need to stay healthy with regular exercise and a proper diet in order to thrive as you age. Lastly, make sure wherever you choose to age that there is a social environment where you can meet and interact with others. Without socialization and ongoing purpose, you risk the chance of premature death.

Talk about end of life decisions together—openly and often. Having an official plan in place should an unforeseen health or housing emergency occur is the best way to ensure that your decisions, your wishes, and your directives are followed and honored. Make this an ongoing conversation, as preferences and plans may change.

First, the family should make sure their loved one doesn’t show signs of cognitive or visual impairment which could result in poor decision making or unsafe conditions.

Some signs/cues to look for:

Dirty clothes can be a clue that their loved one may have vision problems and cannot see spots or stains due or it can mean that they just need better lighting in their house.

Unpaid bills, expired food in the refrigerator, not wanting to leave the house alone, not able to make favorite recipes, not able to follow instructions and to forget appointments may be clues of potential cognitive decline and memory concerns. If the family has concerns, they should seek a professional assessment as soon as possible.

Regardless of discovering cognitive decline or not, family members should always be respectful and not tell the loved one what they need to do or not do. They should not treat the aging loved one as a child. They should try their best to engage, have a dialogue and really listen to their loved one.

For example, if driving has become unsafe and the car keys need to taken away, the family should sit down and have a two-way conversation on what to do next. The family needs to listen (and really hear) what their loved one says. The family should explain their concerns of safety not only for their loved one but for other drivers. The family needs to understand and feel empathy that taking car keys away can feel like losing one’s independence and can lead to feelings of isolation of suddenly not being able to jump in a car and go to the store on a whim. The family needs to offer realistic alternatives for their loved one. If Uber or Lyft is a safe option, the family should offer to teach and train them on how to use a ride sharing app. If public transportation is a safe option, the family should go with the senior until they are comfortable on their own with this option. Perhaps hiring a driver or moving to a senior housing that has transportation is an option. Family members must offer an alternative option even if it is the family member themselves offering to drive the senior.

Isolation can quickly become an issue for any senior, healthy and independent or not. Isolation can lead to poor nutrition, depression and feelings of loneliness. Family and friends need to make time to call and visit their aging loved ones. If they feel their loved ones are depressed or isolated, they need to offer positive suggestions and help their loved one find a meaningful activity to do: go to a community or senior center, volunteer at the library or elementary school, visit other seniors in a nursing home, etc. Everyone needs to feel relevant especially our seniors.

Redesigning the house by making it more accessible is highly recommended. Miami Home Care Services recommends redesigning the house particularly the kitchen. It’s hard for an aging individual to prepare their food, cook and eat if the shelves in the kitchen are stacked high. The best way to resolve this is by putting items that are frequently used on the lower shelves. But not too low that bending is required to access the items. Lowering the counter is also an option to make meal prep possible while sitting down.

My Life Site shared a bold statement, “CCRCs actually enable seniors to live independently for longer.”

Here’s why: CCRCs and other types of retirement communities offer their residents all of the amenities and services needed to allow seniors to care for themselves for as long as possible. But when it comes to CCRCs, they also provide residents with what’s referred to as a continuum of care—the increasing levels of healthcare services that a person may need as they age. Most new residents move into the independent living area of the community, but if any health issues arise, they will be provided assistance with activities of daily living all the way up to skilled nursing care—all within one community.

What is a Village Movement?

It is a nationwide network of non-profit membership organizations. Each of these villages helps local seniors to live independently in the comfort of their own home.

How to become a member of the Village Movement?

Those who want to become a member are required to pay a fee for access and to help with services such as household tasks, transportation, handyman services and social activities. The average cost is around $50/month or $600/year.

It pays to be observant and vigilant on signs that an aging individual is struggling to carry out daily living activities like cleaning the floor, throwing the garbage, doing the laundry and buying groceries. If you notice dirty floor, empty cupboards, the laundry basket is full and the trash is overflowing, these mean that aging individuals need help in their daily living activities.

Try to understand them first and wait for the perfect moment to raise the issue. Make appropriate suggestions instead of attacking them. Suggest cleaning services, grocery stores that offer home delivery and other services that can help them carry out their daily living activities.

National Institute on Aging (NIH) shared an infographic about tips on how to make aging in place safe and accessible. Here are some of the changes that could make your home easier and safer to live in:

Most seniors prepare to stay home and age independently. However, almost all houses and apartments are not designed to make it easier and safe for seniors to age in place. Below you can watch Roxana Saberi as she shows everyone how seniors can prepare to live independently at home.

Age Brilliantly shares a comprehensive guide to creating or joining a cohousing project. Senior cohousing is a custom-built neighborhood organized by seniors themselves to fulfill their wants, needs, longevity and quality of life. The guide highlights the importance of senior cohousing:

American Standard shares home projects that you can do to make sure that your aging parents comfortable and safe as they age in place. These projects can be done DIY or with the assistance of professionals. It’s also important to include them in these home projects by asking them where exactly they want to make changes at home. Here’s an infographic of the list of home modifications or senior living investments that are worth it.

Smart Video Systems for Senior Homes – allows you to check on seniors through your smartphone.

AARP highlights the importance of planning and does it with a perspective of a person who is a fall risk or uses a wheelchair. Here are some of the steps you can do to make it safe for your parent to age in place:

Right at home are encouraging families to focus on modifications on functional problems of the senior living independently. If the senior has poor eyesight, make changes that are perfect for people with poor vision or if there is a problem in mobility, focus on modifications that makes moving around the house safely.

Here are some home modifications you can consider:

General Household

Adapt the lower floor of the home for possible one-level living.

Bathroom

Be sure floor rugs are rubber-backed or secured with double-sided rug tape or rubber carpet mesh.

Bedroom

Place the bed in a way that allows easy access to the bathroom.

Closets and Cabinets

Use adjustable rods and shelves in closets and cabinets; consider pullout or pull-down shelves and automatic-close drawers.

Flooring

Kitchen

We may not have the ability to stop ourselves from getting old or stop physical decline but we can make significant changes to our home environment to making aging and independent living safe and comfortable.

Home Security List offers 25 tips on bathroom, living room, kitchen, home security and monitoring, and bedroom safety that can make the home safe for seniors living independently, which are ready for download. Implementing these tips can vastly improve the safety of aging in place.

These 25 Tips To Make Home Safe For Seniors can be downloaded for free. This free ebook is perfect for people who don’t have the time to read the whole guide right now. They can download the free guide on senior independent living here and read it whenever they are free.

]]>http://www.altcp.org/national-senior-independence-month/feed/017165 Strategies for Growing Old and Alone that Actually Workhttp://www.altcp.org/strategies-growing-old-alone/
http://www.altcp.org/strategies-growing-old-alone/#respondWed, 31 Jan 2018 08:02:23 +0000http://www.altcp.org/?p=1710Growing old and alone is one of the new aging dilemmas Americans face today. More Americans live alone today due to several reasons. One is the fact that almost half of U.S adults are single. Another is that Americans wait too long before they get married. Another factor is about half of marriages end in divorce.... read more

]]>Growing old and alone is one of the new aging dilemmas Americans face today. More Americans live alone today due to several reasons. One is the fact that almost half of U.S adults are single. Another is that Americans wait too long before they get married. Another factor is about half of marriages end in divorce.

credit: www.bloomberg.com

To address the issue of growing older and living alone, we handpicked five articles that can help Americans plan for their future alone.

Advantages of Aging Alone

Growing older with no family members to rely on is considered as a disadvantage. However, this is not really the case as long as you look at the brighter side. Yes, there is a silver lining in being a “solo ager” according to Laura Dixon of Caring.com. She highlighted valid points that, growing old and childless is advantageous in her article, “Childfree Seniors: Taking the Future into Your Own Hands.” One is that childfree seniors will never have to shoulder the cost of childrearing, which has an average cost of $245,000 per child from birth until the age of 18. Another valid point is that childfree seniors have more freedom in choosing where they want to spend their retirement compared to those with families. It is also easy for old people living alone to develop strong bonds with friends and close relationship with their younger relatives.

How to Thrive as An Elder Orphan

Carol Marak’s optimism in being alone in her article, “How to Thrive When Aging Alone,” is very inspiring. She even created a Facebook group for elder orphans who need help in finding affordable housing, help after surgery, isolation, social engagement and other issues surrounding old people who live alone.

Aside from her Facebook group that has over 4,000 members, she also shared other things that can help elder orphans thrive like by being clear about how you want to live, forgiving yourself, understanding your needs allows you to live genuinely the life you want and by accepting who you really are.

Carol’s life lessons have helped her become more positive in life and to look forward to her future. Through her accounts, she hopes that other older people will find aging alone as a blessing and be more optimistic about their future.

Who Will Take Care of Me When I’m Old and Alone?

Sally Abrahms shared different ways to prepare for the future if you are single and without a child in her article, “Single and Older: Who Will Take Care of Me?” Aging is challenging especially if you are alone. Today, there are a lot of Americans who will most likely grow old alone according to these facts and figures:

The number of older adults 45-54 who never married increased by 300% between 1986 and 2009.

The divorce rate for people who are 50+ doubled between 1990 and 2010.

Baby boomers will be most likely to be divorced.

1 in 3 baby boomers is single.

Single baby boomers usually live alone.

It’s important to create a plan on how you want to live your life in 5 or 10 years. Identifying people who can be your support system is imperative to make sure that you have someone to call or rely on when you’re sick, or you need assistance with something. Consulting a professional is also recommended to make sure that you have all the legal documents you need and you are financially ready for expenses like healthcare or long term care.

Interesting Facts about Senior Isolation

Sarah shares interesting facts about feelings of loneliness and isolation, which can be used to prevent senior isolation. According to her article, “20 Facts about Senior Isolation That Will Stun You,” living alone is a predisposing factor of the feeling of isolation among old people. One of the culprits for isolation is the decrease in social engagement as people grow older rooted in different factors including the death of family or friends, retirement or lack of mobility.

The consequences of isolation are alarming and harmful. To prevent this, people should be more aware of the risks, causes, and effects of loneliness in seniors like increasing the risk of mortality, negative effect on physical and mental health and making seniors more vulnerable to elder abuse.

Can Aging in Place Be Harmful?

Aging in place is popular among seniors today. In fact, 87% of seniors prefer to age in place. Older people prefer to age at home because it is comfortable and a cheaper option compared to moving to long term care facilities. But is it really a good idea to age in place?

According to Kristin Hicks of SeniorAdvisor.com, aging in place can be harmful to seniors. Her article, “The Dark Side of Aging in Place,” reveals five ways aging in place can be risky for seniors. Kristin highlights the importance of mobility and social engagement that are affected by aging in place and recommended to try other options like assisted living in case staying at home is starting to turn into a nightmare.

Additional Thoughts on Growing Older and Alone

There are solo agers that are still in denial about the need to plan for their long term care needs and care arrangements. They need enlightenment and guidance on how to plan for their future care needs.

]]>http://www.altcp.org/strategies-growing-old-alone/feed/017109 Retirement Planning Mistakes You’re Guilty of Doing (New Data)http://www.altcp.org/retirement-planning-mistakes-new-data/
http://www.altcp.org/retirement-planning-mistakes-new-data/#respondWed, 24 Jan 2018 10:15:10 +0000http://www.altcp.org/?p=1700Almost everyone is guilty of committing retirement planning mistakes that would hurt their chances of achieving financial security in retirement. There are myriad of reasons behind these common mistakes that retirees are guilty of doing. One is the unfamiliarity of people when it comes to planning for retirement. Another is stick to a strategy... read more

]]>Almost everyone is guilty of committing retirement planning mistakes that would hurt their chances of achieving financial security in retirement. There are myriad of reasons behind these common mistakes that retirees are guilty of doing.

One is the unfamiliarity of people when it comes to planning for retirement. Another is stick to a strategy that worked in the early years but detrimental in the long run. Or, your financial advisor misguided you.

It’s best to be familiar with these mistakes to avoid incurring costly missteps that might derail your retirement.

Top Nine Retirement Planning Mistakes

Mistake #1: Waiting to Plan for Retirement

GoBankingRates conducted a survey aimed at Millennials (ages 18 to 34), Gen Xers (ages 35 to 54) and Baby boomers and seniors (ages 55 and over) to find out how the saving patterns of one generation differ from another. Here’s a chart showing that Millennials are least likely to have retirement savings.

credit: www.gobankingrates.com

Age shouldn’t be a deterrent when saving for retirement. In fact, Cameron Huddleston, Life + Money columnist for GoBankingRates said this:

“The earlier you start saving, the easier it is. Thanks to the power of compounding, if you start regularly setting aside even small amounts as soon as you start working, you could easily have enough for a comfortable retirement.”

There’s no best age to begin planning for retirement and saving money. Stop putting it on hold and start planning for your financial future. Facing financial woes in the future is worse than starting a retirement plan today.

Mistake #2: Applying for Social Security Benefits Too Early

Applying for Social Security Benefits can be done once you turn 62. However, the benefits you’ll receive will be around 35% less than what you would receive if you wait until your full retirement age.

It’s not advisable to get your Social Security benefits before your full retirement age unless you really need money. If you can afford to put off applying until age 70, you will receive benefits 32% higher than what you would receive on your full retirement age.

Here’s a sample estimate of the benefits you can receive from Social security

credit: www.bankrate.com

For a more accurate estimate, you can use Social Security’s calculator that will give you an idea of your benefit based on your date of birth and earnings history.

Mistake #3: Making Bad Assumptions

Your retirement plan consists of projections that would show whether you would reach your goals in the future or not. Having unrealistic expectations is not healthy because you might face a different future than what your projections are telling you.

It’s recommended to consider all factors that could alter your retirement and have conservative expectations. Consider factors like inflation and retirement expenses that might put a dent on your savings or worse, will wipe out your nest egg.

Mistake #4: Spending Too Much in Retirement

Nothing is more fulfilling than spending your hard earned money on things you’ve been dreaming of while you were still working. However, you need to consider that you no longer have a steady paycheck or you’re retirement income might not be as high as it was before.

But don’t compromise your retirement lifestyle you’ve always dreamed of. Create a conservative budget that allows you to enjoy retirement and at the same time will still give you enough funds for 20 or 30 years more.

It’s a good idea to speak to a financial advisor who can help develop a strategy for your preferred retirement lifestyle for as long as you’re alive.

Mistake #5: Underestimating Long Term Care Costs

According to recent research by U.S Department of Health & Human Services, around 53% of Americans turning 65 today will develop a disability that would require long term care services and supports (LTSS).

The cost of long term care facilities and services today are rising. On average, an American will have to pay $97,455 annually for a private room in a nursing home and $85,775 annually for a semi-private room in a nursing home. Below you can find the current average cost of care.

We created an interactive map that will show you the average cost of care by state, and give an idea of the current state of long term care costs today.

It’s imperative to include long term care in your retirement plan, to protect your savings and also your loved ones from the devastating cost of long term care. It’s best to buy long term care insurance, an insurance policy tailored to fit a policyholder’s care needs and helps pay for long term care expenses.

It is recommended to request for quotes first and compare long term care insurance policies from different companies to find the best available policy perfect for your needs.

Mistake #6: Overlooking Estate Planning

One of the most overlooked factors when planning for retirement is estate planning. Some Americans forget to take the necessary steps to protect their financial assets when they are no longer here.

Without a proper plan in place, your children will have a hard time managing everything you left to them. While there is still time, create an estate plan and prepare these legal documents:

Living trust – a document that puts your assets into a trust during your lifetime. When you pass away, your assets will be passed to your beneficiaries.

Durable power of attorney – allows the person you’ve chosen to manage your estate when you can no longer make decisions.

Make sure to inform your loved ones about your wishes and these documents.

Mistake #7: Failing to Make a Conservative Investment Approach

When you were still younger and working, you can max your contributions because you can still earn money and make up for your losses. But the game changes as you approach retirement. You need to make adjustments to your investments since you will need to use the money you saved for your daily expenses.

It’s recommended to preserve your assets especially during the beginning of your retirement. If you’re not cautious, your actions will have a negative on your retirement portfolio and you might have a hard time to recover.

It’s important for married couples to be on the same page and to have the same plans for their future. They should practice the art of compromising to maintain a harmonious relationship and also to create a sound retirement plan that will secure their future.

Mistake #9: Overlooking Maxing Out Your Retirement Contributions

It’s recommended to max your 401(k) contributions if your employer offers it. By saving pre-tax via the 401(k), your employer offers will give you more savings when you save after tax.

Auto-enrollment is very convenient but better keep an eye on this because there are instances wherein employees are auto-enrolled but at saving rates lower than the amount they would have chosen.

]]>http://www.altcp.org/retirement-planning-mistakes-new-data/feed/017007 Wrong Assumptions About Private Long Term Care Insurancehttp://www.altcp.org/private-long-term-care-insurance/
http://www.altcp.org/private-long-term-care-insurance/#respondWed, 17 Jan 2018 07:46:32 +0000http://www.altcp.org/?p=1694Millions of Baby Boomers are reaching retirement age and the cost of long term care is soaring, you would believe that sales of private long term care insurance would be going up as well but they’re not. So why is the number of people buying long term care insurance declining? Misconceptions About Private Long Term... read more

]]>Millions of Baby Boomers are reaching retirement age and the cost of long term care is soaring, you would believe that sales of private long term care insurance would be going up as well but they’re not. So why is the number of people buying long term care insurance declining?

Misconceptions About Private Long Term Care Insurance

1. They assume Medicare will cover them.

According to a previous research by Associated Press-NORC Center for Public Affairs Research, 34% assumed that Medicare would cover ongoing nursing home care, while 27% were unsure. Medicare will not cover long term care in a nursing home or at home.

2. They still think that they won’t need it.

It’s only right to for people not to want to pay premiums for something they’re not sure they’ll ever use. However, with car insurance, for example, you’ll be happier that you never needed to use it but it gives you the peace of mind that you have it in case you need it.

3. They think self-funding is easy.

The cost of long term care continues to rise, which makes long term care insurance important more than ever.

These costs would easily wipe out most retirement savings in less than a year.

4. Some assume they can rely on Medicaid.

Many people have decided that if they will ever need private long term care insurance coverage, they will just rely on Medicaid after they’ve depleted their assets.

But if you think about it, after working your whole life to pay off your house and save a little for retirement, do you think that blowing everything off to get three years of coverage and end your life broke in a nursing home is something you planned on?

6. They think their children will pay for their care.

Again, many older parents will have children who will be preoccupied with taking care of their own families and will also be financially incapable of paying for long term care. Around 20% of older Americans believe that family members should be responsible for paying for their long term care expenses.

7.They think private long term care insurance costs too much.

What many don’t know is that private long term care insurance offers flexible benefits which let you customize your plan to fit your budget and that not having long term care insurance will cost even more.

]]>http://www.altcp.org/private-long-term-care-insurance/feed/0169411 Secrets to Helping Elderly Parents Financially Without Going Brokehttp://www.altcp.org/helping-elderly-parents-financially/
http://www.altcp.org/helping-elderly-parents-financially/#respondWed, 10 Jan 2018 09:42:25 +0000http://www.altcp.org/?p=1684One of the most overlooked factors when planning for retirement is helping elderly parents financially. Most often than not, people are too consumed to meet their goals by saving enough for their future to have a comfortable retirement that they forget to check on their aging parents If your parents’ savings and assets are... read more

]]>One of the most overlooked factors when planning for retirement is helping elderly parents financially. Most often than not, people are too consumed to meet their goals by saving enough for their future to have a comfortable retirement that they forget to check on their aging parents

If your parents’ savings and assets are not enough for their retirement journey, you may end up taking care of them and helping them with their finances, which can derail your retirement plan.

Is it possible to help them financially without going broke?

Yes, and here are 11 tips you can follow so you and your elderly parents can enjoy a comfortable retirement:

11 Secrets to Helping Elderly Parents Financially

1. Start Retirement Conversation with Parents

It may seem petty, but elderly parents have reasons why they don’t talk about finances. One reason is that they think their children are only concerned about their inheritance. Another reason is the reversal of role, which reduces the role of parents to a child.

These are other reasons why adult children don’t discuss finances with their elderly parents.

credit: www.tdameritrade.com

Talking to your parents is hard, but it’s inevitable. They would rather go through self-impoverishment than to become a financial burden. You cannot expect them to ask for financial help, so take the initiative and start a conversation about money with them.

Since it is a sensitive topic, the best approach is to speak honestly and raise your concerns as briefly as possible.

Here are some tips that can start retirement conversation with parents

Talk about your situation

Be creative and use a story

Ask the help of a third party or a professional

Offer to help them create a spending plan

Give them control whenever possible

Keep the conversation brief but concise

2. Assess their Retirement Income

You need to dig deeper if you want to help your parents enjoy retirement. Taking a proactive role can make this task easier. You can offer to help them apply for Social Security if they haven’t done it yet, review their portfolios, check any pension information.

Since this is a touchy subject, assure your elderly parents that your utmost concern is they’ll have enough retirement income to live a comfortable life later on.

credit:www.daveramsay.com

If you notice that their income will most likely fall short, make sure to give them options that can maximize what they already have or what can give an additional boost to their retirement income.

3. Change Spending Habits/Cut Expenses

Most elderly parents are naturally frugal, but there are still some parents who find it difficult to manage their money. Counseling them on how to change their spending habits and cutting unnecessary expenses is essential considering that retirement expenses are known to be very expensive.

One of the most overlooked expenses is long term care. Most people think that Medicare or Medicaid will cover home care, nursing home and other types of long term care services. Unfortunately, these government programs don’t pay for long term care.

Elderly parents need to change their spending priorities when retirement comes to prepare for like long term care, medical bills, and other devastating expenses.

4. Downsizing Homes

Asking your parents to downsize living arrangement is another difficult task. Most elderly are reluctant to leave their homes even if it’s becoming a financial strain for them. You need to persuade them to move to a smaller home that is less expensive and low-maintenance.

Another reason to change living arrangements is to make sure that your elderly parents will have a comfortable and safe home. They want to retain independence, but there will come a time when they can no longer carry out their daily living activities. This is the time when retirement homes, nursing homes, assisted living facilities and other long term care facilities come into the picture.

5. Plan for Long Term Care

Most parents underestimate the risk of requiring long term care in the future. According to a recent study, half of Americans turning 65 today, which is 52% of the total population will have a disability for more than five years and will require any form of long term care.

Aside from the fact that it will most likely become a need for most parents, another concern would be the cost of long term care. The cost of care continues to rise, which makes it harder for people to afford this without a proper plan or policy in place.

6. Make Sure their Policies are Updated

Find out if your parents have already purchased policies to cover medical expenses, long term care, and other healthcare expenses. If they don’t have any policy, then persuade them to purchase one before it’s too late.

It is important to convince your parents to buy a policy because if they don’t have financial protection, you will end up paying for their care expenses, which can derail your plans. One area you should focus is long term care since the cost of nursing homes, assisted living facilities, CCRCs and other long term care facilities are rising.

Here’s a sample computation of the cost of long term care insurance today:

A 55-year-old male who is single will have to pay $1,870 annually to receive benefits that would be worth $386,500 when he turns 85.

A 55-year-old female who is single will have to pay $2,965 annually to receive benefits that would be worth $386,500 when she turns 85.

7. Ask Siblings for Help

Asking for help is not a sign of weakness. This only means you want the best for your elderly parents.

If your siblings are in a better position or they can afford to contribute, then you can ask them to chip in.

If your siblings are also financially challenged like your parents, they can help in other ways like by taking care of them, doing errands or making sure that the house is well maintained and safe for your parents.

8. Take Advantage of Tax Breaks

Make sure that you can claim that your parents are your dependents. Another requirement is that you must be paying at least half of their living expenses. If you meet the eligibility requirements, then the 7.5% rule will be applied.

Adult children helping elderly parents is becoming common in the United States today. It’s too common that more adult children are struggling to keep up with their finances and they need to make necessary changes in their working hours, goals and even their retirement plans.

credit: www.tdameritrade.com

9. Avoid Financial Scams

Financial scams among the elderly are rampant nowadays. They prey on old people because they are easy to persuade, primarily because of their declining mental health, which hinders them from making sound decisions.

Educate your parents about these schemes and always remind them to transact with reliable sources only. You should also keep track of their spending habits to be sure that their investments will not fall into the wrong hands.

10. Consult a Retirement Expert

Consulting a professional is always a good idea. Introduce your parents to a retirement expert that can help them create a solid retirement plan.

But make sure that the retirement expert will not force your parents to buy a certain policy for their financial gain. It’s best to ask recommendations from other family members, friends and people you trust regarding a reliable adviser in your area.

11. Plan for your Retirement

Helping elderly parents financially is not an excuse not to have a retirement plan. You should keep your future in mind while helping your elderly parents. If not, then the cycle will just continue, and you will end up relying on your children later on because you spent all your money supporting your parents.

Make it clear to your parents that you want to help them, but you have other responsibilities to and a future that you need to plan for. Don’t be shy to ask for help from your siblings if you can’t carry the burden on your own. It’s okay to set some limits because this will benefit you greatly someday.

]]>http://www.altcp.org/helping-elderly-parents-financially/feed/016844 Long Term Care Insurance Issues and How to Solve Themhttp://www.altcp.org/long-term-care-insurance-issues/
http://www.altcp.org/long-term-care-insurance-issues/#respondWed, 03 Jan 2018 09:43:10 +0000http://www.altcp.org/?p=1679Current estimates show that 70% of individuals aging 65 and above will need care. Meanwhile, 40% of people between the ages of 18 and 64 will require care of some sort. Given these figures, long term care is a need that can befall many, including you. This must have prompted you to start working on... read more

]]>Current estimates show that 70% of individuals aging 65 and above will need care. Meanwhile, 40% of people between the ages of 18 and 64 will require care of some sort. Given these figures, long term care is a need that can befall many, including you. This must have prompted you to start working on acquiring long term care insurance. However, you should get familiar with important long term care insurance issues first before buying coverage.

Long Term Care Insurance Issues and Solutions

1. Overpayment

If your purchase is not planned thoroughly, you can end up paying more than what you should. This happens when you fail to do comparison shopping and when you signed up for coverage that’s beyond your requirements.

Before buying long term care insurance, be sure to shop around for different rates from different insurers. You can easily do so by requesting long term care insurance quotes online. As you do, make sure that you are doing an apples-to-apples comparison. Meaning, you are looking at two policies that have the same benefits.

More so, make sure that you know what your needs are. Surely, a policy that covers you for life is a comprehensive coverage. However, remember that premiums for such coverage can cost high. The cost-effective way to go about it is to match your benefit duration by how long you’ll likely need care. You can do so by consulting your doctor to see if you are a candidate for certain conditions based on your lifestyle, health records and family’s health background. This will not give you an exact picture. However, evaluation or assessment is better than nothing.

Apart from this, determine how much you can self-insure should your benefits become insufficient for your needs. Shouldering a portion of your care expenses can have implications on your finances. That’s why it’s best to anticipate and prepare for it.

2. Premium Increases

It is encouraged to buy long term care insurance while you’re still young, typically during your 50s. This is because premiums for younger policyholders are more affordable than those who acquired coverage at an older age. However, buying young doesn’t exempt you from rate increases in the years to come.

Insurers cannot make individual increases, but they can do so on a group basis, typically depending on the age. When you reach a certain age bracket, your premiums could go up because your likelihood of making claims went a few notches higher.

If you received notice that your insurer will raise your rates, you could keep your levels premiums by limiting your coverage. Other features you can downsize are your policy’s benefit duration and daily benefit amount.

3. Denied Claims

Denial of claims is one of the worst-case scenarios that a policyholder may face. However, this can be avoided on the onset by being 100% clear on what your long term care insurance covers.

Let’s look at care settings for example. Before you go for in-home care, clarify if your policy will pay for it. If it does, determine if it will cover compensation for relatives who provide you with care or if it will only shoulder the fees of a licensed caregiver. By being clear on details like this, you can easily avoid the horrors of having your claims denied.

Keeping track of the necessary paperwork is also essential if you want to claim your benefits quickly. Be organized with the necessary documents that your insurer requires before it to pays off your care expenses. If you’re having difficulty, don’t hesitate to ask for assistance. Typically, you can ask your agent to help you with the claims process, or you can seek the help of a coordinator from your insurance company.

4. Insurance Companies Exiting the Long Term Care Business

Some insurance companies have left the long term care field due to miscalculations and the continuous increase in care costs. If you’re still in the process of acquiring long term care insurance, make sure that you buy from a company that has the financial strength to stay in operation. Opt for an insurer who has the capability to remain established up to the time that you’ll make a claim off your policy, which can be years or decades from now.

Before you deal with potential insurers, make sure that you have thoroughly checked their company profiles, the number of years in business, claims payment history and customer satisfaction ratings. There are independent agencies that conduct periodic evaluations of insurance companies to come up with ratings. You can use their evaluation results for reference.

Long term care insurance is a good strategy of being protected against care expenses that you may incur in the future. However, it’s essential that you go about its acquisition carefully. Consider the long term care insurance issues above as you formulate your plan to ensure that you get the coverage you deserve.

]]>http://www.altcp.org/long-term-care-insurance-issues/feed/0167918 Year End Money Saving Ideas Everyone Should Followhttp://www.altcp.org/year-end-money-saving-ideas/
http://www.altcp.org/year-end-money-saving-ideas/#respondThu, 28 Dec 2017 07:49:49 +0000http://www.altcp.org/?p=1666Most of us are guilty letting our finances get lost in the shuffle during the holiday season, but we don’t want you to become a statistic, so we came up with easy money saving ideas you can follow. It is tempting to cut yourself some slack since it’s the holiday season and this only happens... read more

]]>Most of us are guilty letting our finances get lost in the shuffle during the holiday season, but we don’t want you to become a statistic, so we came up with easy money saving ideas you can follow.

It is tempting to cut yourself some slack since it’s the holiday season and this only happens once a year. But this is the most critical time to be careless and incur unwanted financial dents. This December, practice good financial hygiene and end your year on a high note.

To help you make sound financial decisions, here are quick ways to save money to start your new year in good shape.

Easy Money Saving Ideas

Save through Good Money Management

1. Create a Budget for Next Year

Nobody wants to spend the first month of the following year paying off debts from previous holiday expenses. The best way to avoid this according to Don’t Pay Full is by making a budget for your holiday shopping this year and to create a draft of your budget for next year.

Apart from having a budget is sticking to it no matter what. Following your budget is the hardest part actually. It’s best to create a realistic budget or goals to avoid making budget excuses and falling for serious budgeting mistakes.

2. Pay Credit Card Debt

Most of us are guilty of overspending during the holidays thinking that this only happens once a year. We let our credit card do all the work and worry about the balance later.

The convenience of using a credit card when shopping is unparalleled. However, it charges as much as 18% on outstanding balances. Wealthfront gives a friendly advice to pay off as much of the balance as you can every month to avoid paying for additional charges and for your debt to pile up.

3. Get Creative When Having Fun

One of the easiest ways to ruin your budget is by spending too much when having fun with your family according to My Money Design. Fun can be a matter of perspective and doesn’t have to cost a lot.

It’s a great feeling to bond with your family, go to the mall, eat outside as a family and pick up a few stuff along the way. As the kids got bigger, DJ realized that their idea of fun costs them a few hundred bucks when they go out.

DJ and his family have to rethink their options for fun to save money. Here’s a list of the things they have thought of doing on the weekends:

Get some stuff done around the house.

Head to the gym.

Visit with family.

Let the kids have their friends over to spend the night.

Play a sport or go to the local school sports event.

See what’s at the Redbox or on Netflix

Grab a cup of coffee (just me and my wife)

4. Avoid Shiny Object Syndrome

A lot of people are guilty of chasing after the latest gadget, shoes or bags without really having a great reason. Do you really need to replace your old stuff that still works fine with something new?

Caroline is totally against this shiny object syndrome and gives her two cents about changing lifestyle to save money. You should think about the cost of what you’re about to purchase and its impact on your goal to save more money. Focus on having healthy savings and reaching your goals to avoid falling for shiny object syndrome.

5. Save Money on Everyday Expenses

Here’s a short video made by Bank of America that can help you save money every day by making simple changes to your everyday spending.

Save on Insurance

6. Review Insurance Policies

Protecting yourself and your loved ones from accidents, financial woes, and other untoward incidents should be one of your top priorities. The best time to get an insurance policy is today to have peace of mind and also to avoid paying hefty premiums.

If you already have enough coverage, it’s still a good time to review the policies you have and consider other insurance products. According to Wealthfront, coverage for long term care is often overlooked by many, which is an integral part of retirement since people are living way longer today and will most likely require custodial care.

7. Pay Car Insurance Semi-Annually

Dough Roller shares a short and helpful tip if you want to save on your car insurance. Instead of paying quarterly, you should consider paying semi-annually. Aside from it’s cheaper to pay twice a year, it’s also more convenient.

8. Compare Long Term Care Insurance Policies Before Buying

Having long term care insurance is a must today because around 70% of Americans 65 and above will need some form of long term care at some point in their lives according to U.S Department of Health and Human Services. Also because according to a post by Time.com, 75% of older individuals fear the expensive cost of care.

Everyone is advised to compare long term care insurance plans online first to find the best available plan for your long term care needs. You can also talk to a long term care insurance specialist for an in-depth discussion regarding its cost, benefits and other important details.

Save at Household Expenses

9. Make a Grocery List and Follow It

Be a meal planner Ninja next year! It’s easier and cheaper to plan your meals weekly or monthly. Make a grocery list based on your meal plan and stick to it. There are some people who are guilty of buying something that is not on their grocery list, which will ruin the purpose of having a grocery list.

Jeff Rose of Good Financial Cents is firm to having a specific list of items to buy to avoid spending too much on groceries. If it’s not on the list, then it’s easy to say no according to him.

10. Make Your Own Gifts

Creating homemade gifts is one way of saving money while giving generously according to Trent. He shared different spectacular gifts in The Simple Dollar, which you can make like candles, food mixes, soap and fresh-baked cookies or bread.

Handing out homemade gifts are definitely better than those that are bought from the store because it has a personal touch and consumable most of the time.

11. Buy Energy Efficient Appliances

Dough Roller reminds everyone to consider the annual energy cost of appliances and look for the Energy Star before buying. Appliances that are more efficient cost more, but you can save money on these in the long run because they are energy efficient and they last a long time.

12. Set a Toy Limit

Rosemary has set a toy limit for her children, which is very smart. According to her post in Busy Budgeter, she sets a limit of 30 toys per child and they can only play a total of 20 toys at a time. She sells old toys of her kids and replaces it with the gift her kids receive. This is a clever and very economical idea because there will be less clutter and you can also save money.

13. Use Coupons

Make it a habit to use coupons when shopping, be it paper coupons or digital coupons, Natalie’s preferred coupon. Using coupons is the best way to save money and get the best deal according to Natalie Bacon.

14. Make Your Own Coffee

Brewing your coffee will save you a lot of money. You can actually save more if you roast your coffee too. There are websites and stores that sell unroasted and green coffee beans. Roasting your coffee is as easy as using a popcorn popper.

If you don’t want to roast your coffee, you can still save money by buying whole beans coffee and griding them according to Penny Thots. It’s cheap and tastes better than ground coffee beans.

Save by Lowering Your Tax Bill

15. Employer-Sponsored Retirement Plans

Sophia advises everyone to contribute to 401(k)s, 404(b)s, TSPs or SIMPLE IRAs with pre-tax dollars in her post in Genny Planning. Your take-home pay will be lower but your taxable income will be lower too.

Your money will grow tax-deferred for a long time. Also, you will not owe taxes on that money until you withdraw it in retirement. As an additional bonus, you’ll pay lower taxes when you withdraw your money if you’re in a lower tax bracket.

16. Make Charitable Donations

Getting into the giving spirit will not just make you feel good but can also reward you with additional tax deductions.

According to The Motley Fool, tax-deductible donations are not just limited to cash. You can also write off the goods you donate. Just make sure you drop your donations to a registered charity, get a detailed receipt and deduct only the current value of the items you donated.

17. Long Term Care Insurance Deductions

Qualified long term care insurance policies are tax deductible. But there is a limit to how much premiums can be deducted. This is determined by the person’s age by the end of the taxable year. Here’s a table of the ages and their corresponding deductibility limits for the current year and next year.

18. Uncommon Tax Deductions

The IRS released an infographic about federal tax deductions, from the common to uncommon. Below you can find uncommon tax deductions that you should keep in mind.

Following Money Saving Ideas

Following our money saving ideas can help you make the impossible possible, which is to spend less than what you make.

It seems hard at first but these easy tips are proof that saving money doesn’t have to be that hard. Sometimes you just need to be creative and to be practical.

As the year comes to a close, we, at ALTCP hope that we have done enough to encourage everyone to have a good financial hygiene to save more money and to have a worry-free retirement.

]]>http://www.altcp.org/year-end-money-saving-ideas/feed/01666Are You Ready for These Long Term Care Expenses?http://www.altcp.org/long-term-care-expenses/
http://www.altcp.org/long-term-care-expenses/#respondWed, 20 Dec 2017 08:45:21 +0000http://www.altcp.org/?p=1653As a long term care beneficiary, you need to handle your long term care expenses skillfully. The benefits from long term care come at a cost. You have to spend money so you can cope with aging, disability, or chronic illness. By valuing the importance of proper planning you can live with ease and with... read more

]]>As a long term care beneficiary, you need to handle your long term care expenses skillfully. The benefits from long term care come at a cost. You have to spend money so you can cope with aging, disability, or chronic illness. By valuing the importance of proper planning you can live with ease and with a peace of mind.

Devastating Long Term Care Expenses of Care Recipient

Stay in Long Term Care Facilities

Before anything else, choose the appropriate long term care facility for your demands and preferences. For example, stay in an assisted living facility if your chronic illness is relatively manageable.

Different types of facilities vary in costs. You spend $85,775 for one year of stay in a private room in a nursing facility. The monthly rate of residence in an assisted living facility amounts to $3,750. Facility rates differ among states, and even in specific areas within states. Your overall expenses in a facility also depend on fees for services such as caregiving.

Caregiver Services

Fees for caregiver services apply to you specifically if you rely on home care. Homemaker services cost around $131 daily throughout the US.

Services from home health aides have slightly higher rates than those of home care aides. Home health aides go through some medical training so they can assist chronic illness patients. They can help with administering medication and conducting health checks. Home care aides emphasize on custodial care procedures like assistance with moving care recipients from one place to another.

Long Term Care Insurance Premiums

For example, the annual premium rate for a given insurance policy is $1,325 to $2,550 if you are aged 55. You spend $2,605 to $4,935 every year if you are a 60-year old policyholder. Expect more expensive premiums if your policy has a longer benefit period and a shorter elimination period. Insurance companies across the country differ vastly in premium rates for their policies.

Medications

Prescribed medications are not exclusive to care recipients with chronic illnesses. Dementia patients need medications to improve cognitive performance. Long term care due to injuries requires medications for faster recuperation.

Senior citizens who depend on Medicare can save up to over $1,000 on medication costs. Despite this fact, medications are relatively costly. Check out the pricing to find cheaper medication.

Meals and Beverages

Expenses for long term care also include basic necessities. Buy meals and beverages with nutritional value to keep your body and mind in good health. As with medication, consider lower prices when shopping for groceries. Check out the nutritional value of food and drinks to make the most out of your purchases.

Preparing For Long Term Care Expenses

Long term care expenses can be devastating and that is why we encourage everyone to plan ahead. Stalling is not an option considering the cost of long term care facilities, long term care insurance premiums and other needs of care recipients are rising. The best time to start planning is now. So request for instant long term care insurance quotes online to compare policies and to find the best long term care policy that will cover your care expenses.

]]>http://www.altcp.org/long-term-care-expenses/feed/016535 Retirement Questions That Highlight the Importance of Long Term Care Insurancehttp://www.altcp.org/retirement-questions-long-term-care-insurance/
http://www.altcp.org/retirement-questions-long-term-care-insurance/#respondWed, 13 Dec 2017 07:11:07 +0000http://www.altcp.org/?p=1645Asking these retirement questions can help you find out if it is really worth it to buy long term care insurance. You will have to learn first all the facts, pros and cons before you think about purchasing a policy. Retirement Questions to Help You Understand Long Term Care Insurance Are you living a healthy... read more

]]>Asking these retirement questions can help you find out if it is really worth it to buy long term care insurance. You will have to learn first all the facts, pros and cons before you think about purchasing a policy.

One of the pros of long term care insurance that a healthy person can take advantage of is that it can allow the patient to stay in their home and maintain their independence a little longer. Policies that are being offered these days can cover the cost of in-home care where the service can provide help with a lot of different activities with daily living.

Does your family’s medical history look good?

What does your family’s health history look like? How long did your parents, grandparents lived and did anyone of them ever need care in the past? If yes, who was there to assist them and how did it affect the whole family?

Another pro for long term care insurance is that the burden of giving care to their family member will not fall into the hands of their loved ones because the insurance will take care of it.

If ever you should need care in the future, are you willing to shoulder all the expenses and then depend on the state, or depend on your family?

If in the future you are going to need long term care because of a broken hip or you do not have the capability to take care of yourself even with the tiniest matter, are you willing to burden your family to take care of you?

If you have enough assets to that can suffice in covering all the medical care expenses, then you do not have to purchase a long term care insurance policy. However, if you do not have the assets and finances, then you should start thinking about your future today.

Do you have the assets that can buy you a premium that can provide you with a reasonable amount of coverage?

Another great thing about long term care insurance is its adjustability. You can alter the insurance policy you want to buy that can best suit your needs and budget. It is like buying a car where you have the choice to buy all the extras or just buy the base model that can still provide you with transportation that you need.

These are the policy features that have a direct impact on the cost of long term care insurance:

Benefit Period – this is the amount of time your policy will pay off your claims. The longer you want to be covered, the higher your premiums will be.

Daily Benefit – this is the predetermined benefit amount you receive to pay for your long term care expenses.

Elimination Period – the length of time you need to wait before you receive the benefits. You need to shoulder the cost of any care you receive before the elimination period expires.

Basing from statistics, how many people are going to need care in the future?

According to long term care statistics, there are about 70% of people who are going to need future care once they hit the age 65 and older. But if you are a critical thinker, you should think that it is either you are going to need it, or you won’t. The thing is, if you want a secured future, it is best that you secure it with long term care insurance so that you won’t have any regrets in the future.

Ponder on all of these retirement questions before making up your mind and you will come up with your answer if you really do need long term care insurance.